Leading cryptocurrencies declined further on Monday as investors reacted to rising bond yields and growing expectations of interest rate hikes.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.20% | $82,930.28 |
| Ethereum (CRYPTO: ETH) |
-0.20% | $2,665.02 |
| XRP (CRYPTO: XRP) | -2.30% | $1.48 |
| Solana (CRYPTO: SOL) | -3.90% | $117.15 |
| Dogecoin (CRYPTO: DOGE) | -3.60% | $0.09299 |
Crypto Market Drops Further
Bitcoin pushed for a breakout above $84,000 but met strong resistance and fell back toward the $82,000 area.
Similarly, Ethereum hit an intraday high of $2,717.37 but failed to break through. XRP and Dogecoin recorded sharp dips.
Cryptocurrency-related stocks also slipped, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 0.93% and 2.61%, respectively.
Over $530 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.
Bitcoin’s open interest fell 2.21% over the last 24 hours. However, smart money sentiment — the collective outlook and capital allocation of institutional investors — remained “bullish.”
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
| Hedera (HBAR) | +22.90% | $0.1195 |
| Algorand (ALGO) | +11.50% | $0.1344 |
| Chainlink (LINK) | +9.00% | $15.34 |
The global cryptocurrency market capitalization stood at $2.96 trillion, broadly unchanged over the last 24 hours.
Stock Market Plunges
Stocks kicked off the week in the red. The Dow Jones Industrial Average shed 347.11 points, or 0.67%, to end at 51,481.51. The S&P 500 fell 0.77% to end at 7,683.69, while the tech-heavy Nasdaq Composite closed down 0.92% at 26,820.38.
The 10-year Treasury yield has spiked 48 basis points in a month to 5.23%, the highest since June 2007. The longer-dated 30-year yield advanced to 5.55%.
Market participants are now pricing in a 71% chance of another 25-basis-point rate hike in October, up from 64% the day before, according to the CME FedWatch tool.
BTC Buying Opportunity?
Ali Martinez, a widely followed cryptocurrency analyst and trader, identified a double bottom breakout on Bitcoin’s daily chart, with price now retesting the $82,000 neckline.
A double bottom pattern signals that a downtrend is likely ending and an uptrend is beginning. It resembles the letter "W" and shows buyers taking control.
“If this level holds as support, the retest could offer a buying opportunity before the rally resumes toward the pattern’s $100,000 target,” the analyst projected.
Michaël van de Poppe, another well-known cryptocurrency commentator, said Bitcoin may have formed a local bottom and projected an upward trend if the cryptocurrency reclaims the $84,000 level.
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